股权集中度、股权制衡度、控股股东控制能力与公司绩效

Ownership Concentration,Equity Balance,Share-controlling Shareholder's Capability and Corporate Performance

以2006年—2011年983家上市公司为样本,运用主成分分析法和面板的个体固定效应模型对股权集中度、股权制衡度、控股股东控制能力与公司绩效的关系进行了实证研究,得出结论:股权集中度与公司绩效呈显著的倒U型关系,公司存在最优股权集中度;股权制衡度与公司绩效呈显著的倒U型关系,公司存在最优股权制衡度;控股股东的控制能力与公司绩效呈U型关系。

Based on the data from 983 listed companies during 2009 to 2011,an empirical study is made by using principal component analysis method and panel data ’ s individual fixed effects model to study the relationship among ownership concentration , equity balance , largest shareholder ’ control capability and company＇s performance .It is concluded that：（ a） Ownership concentration has significantly inverted U-shaped relationship with company＇s per-formance and company exists optimal ownership concentration;（ b） Equity balance degree has significantly inverted U-shaped relationship with company＇s performance and company exists optimal equity balance degree;（ c） Largest shareholder ’ control capability has significantly U-shaped relationship with company＇s performance .